Private equity fund Canyon Bridge Capital Partners has agreed to acquire Lattice for $1.3 billion inclusive of net debt, which translates into an acquisition price of $8.30 per share. That represents a 30% premium relative to yesterday's closing price. Lattice CEO Darin G. Billerbeck said in a statement:

We are pleased to announce the transaction today with Canyon Bridge, which will unlock tremendous value for shareholders. This transaction is the culmination of an extensive review process with our Board, financial and legal advisors, and it delivers certain and immediate cash value to shareholders while reducing our execution risk. We are excited to leverage Canyon Bridge's resources and market connections as we enhance our focus on executing our long-term strategic plan of continued innovation. Importantly, we will operate as a stand-alone subsidiary after the acquisition and do not expect any changes in our operations or our unwavering commitment to continued innovation for our customers.

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The news comes after months of exploring a potential sale. Lattice scored a major investment from a Chinese state-owned company earlier this year, following reports that Lattice was trying to sell itself. Meanwhile, the broader semiconductor space is seeing quite a bit of consolidation among larger companies as they look to cut costs to improve profitability. The deal has been unanimously approved by both companies' boards and should close in early 2017 following customary closing conditions and regulatory approvals. Lattice's senior management will continue to run the company as a stand-alone subsidiary.

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